Financial firms tell Congress why they need AI
Witnesses from companies across financial services and housing, including a credit union and a core services provider, attested to the value of AI in fighting fraud and boosting customer service at a hearing in the House of Representatives.
After a challenging quarter, Webster lowers its guidance
The Northeast regional bank missed expectations on net interest income and negatively revised much of its 2024 guidance.
Watchdog tells Fed to step up analysis on regulatory proposals
The Government Accountability Office reviewed a decade worth of capital and liquidity reforms, including changes to the Federal Reserve’s stress testing regime.
Capital One’s profits fall sharply after Walmart charges
The credit-card giant increased its allowance for credit losses by more than $800 million following the termination of a partnership with Walmart.
FTC probes JPMorgan Chase, MasterCard over consumer data privacy
Federal Trade Commission Chair Lina Khan said the “firms could be exploiting” personal data about customers to charge them higher prices.
How a Harris administration could be different for banks
Vice President Kamala Harris has kept a low profile in banking policy, and there is a reasonable expectation that her administration would pick up where Biden left off. But if she wanted to, Harris could reset Democrats’ financial policy agenda.
BOK Financial turns corner on deposit costs, drives steady loan growth
The Oklahoma-based bank also struck an upbeat tone on economic conditions and credit quality after it reported a sharp quarter-over-quarter increase in net income.
Stop stifling the innovation inherent in bank-fintech partnerships
America must never cease to be the global leader in innovation and entrepreneurship. However, when it comes to bank-fintech relationships, politics and misguided regulatory forces threaten the very foundation of that innovative spirit and limit consumer choice.
Dueling economic visions come into focus in 2024 campaign
Vice President Harris’ surprise elevation to the top of the Democratic ticket and the ascent of Ohio Sen. J.D. Vance to be the Republican vice presidential pick brings renewed vigor to each party’s economic vision.
Administration threatens to veto GOP spending bill for Treasury
The Biden Administration firmly rejects proposed cuts to key financial oversight and consumer protection agencies in the Republican-backed financial services appropriations bill for fiscal year 2025.